Over the past day, the price of XRP token from Ripple has increased by 15%, according to CoinGecko. The asset is trading at around $0.45.
At the moment, the quotes reached levels near $0.5, after which they moved on to correction. Over the week, the coin has risen in price by more than 21%.
The day before, the network appeared messages that Ripple has a good chance of successfully completing a lawsuit with the US Securities and Exchange Commission (SEC). In December 2020, the regulator filed a lawsuit against the company, accusing it of selling unregistered securities in the form of XRP to retail investors.
Earlier this week, Ripple’s lawyers filed a motion to review precedent in support of the company’s position. We are talking about the decision in the bankruptcy case of Voyager, where Judge Michael Wiles overruled the objections of the SEC.
Law firm Hogan & Hogan partner Jeremy Hogan noted that, according to Wiles, the regulator does not have clear criteria for classifying cryptocurrencies as securities.
“We are nearing completion…,” the lawyer added.
In a comment for CoinDesk The head of the BTSE exchange, Henry Liu, confirmed that the XRP rally is due to leaked rumors about a possible agreement between Ripple and the SEC to resolve the dispute.
“Some even speculate that the firm could emerge victorious. Regardless of which side is right, the alleged resolution of the case is driving positive momentum for XRP,” said BTSE CEO.
The analytical company Messari has published a review of the XRP Ledger distributed ledger from Ripple. The experts noted that the network is aimed at providing payment services to both individuals and legal entities, including financial institutions and central banks. Despite the legal problems of the XRP operator, the Ledger is growing steadily, and the number of open accounts has already exceeded 5 million.
Messari founder Ryan Selkis admitted that he was critical of Ripple, but is now increasingly sympathetic to the company. According to him, there is a clear demand for its solutions.
I’ve been critical of Ripple in the past (various reasons), but more aligned with them than ever before.
Ripple should win the overreaching XRP-SEC case, and the XRP Ledger should be afforded the opportunity to compete fairly on digital payments infra globally.
Demand is there! https://t.co/fewaEami0p
— Ryan Selkis (@twobitidiot) March 21, 2023
Recall that in March, XRP Ledger developers launched a test network of an EVM-compatible sidechain with a declared bandwidth of 1000 TPS.
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